Former AСС head arrested for multi-million dollar bribes

A man from the Shukeyev-Mamytbekov clan was arrested on suspicion of corruption.  Namely, the former head of the “Agar Credit Corporation” Narmukhan Sarybaev was placed in a pre-trial detention center.

 A message about this on March 3 was posted on the official website of the Agency of the Republic of Kazakhstan for Combating Corruption.

 While Asylzhan Mamytbekov and Umirzak Shukeyev were changing each other as Minister of Agriculture of the Republic of Kazakhstan, Narmukhan Sarybaev led the subsidiaries of the KazAgro holding.  Namely, he was the chairman of the board of the Fund for Financial Support of Agriculture (11.2012-06.06.2016);  and then – the chairman of the board, member of the Board of Directors of Agrarian Credit Corporation JSC (05/19/2017 – 06.2019).

 After the big boss went south, Sarybaev followed and headed the Ontustik Regional Investment Center.

 The interest of law enforcement agencies aroused activity both as the head of the “ACC” and the center “Ontustik”.  He is suspected of creating a corruption scheme that would allow him to profit from the misuse of budget funds allocated for the development of the agricultural sector.  Namely, billions of tenge were dead weight in commercial banks on deposits, instead of providing farmers of the country with affordable financial resources.  Naturally, the participants received bribes for placing deposits – anti-corruption officials say so, KazakhZerno.kz notes.

We quote the press release of the Anti-Corruption Agency of the Republic of Kazakhstan:

“The Anti-Corruption Service checks the unreasonable placement of billions of budget funds by quasi-state companies on long-term deposit accounts with second-tier banks.

 These funds have been allocated for the implementation of specific government programs, but instead of using them for their intended purpose, the quasi-public sector extracts minimal passive income from this by placing them on deposit accounts.

 This situation negatively affects the timeliness and quality of the implementation of state tasks.

 The investigation found that by certain officials of the quasi-public sector, these circumstances are used to extract illegal personal material benefits.

So, in 2017-2018, Agrarian Credit Corporation JSC of the Ministry of Agriculture under the leadership of the Chairman of the Management Board Narmukhan Sarybaev allocated funds in the amount of 5.3 billion tenge.  on the Bank’s deposit.

 For these actions, Sarybaev received a bribe of more than 11 million tenge on a systematic basis and in several tranches.  From an individual acting as an agent of the transaction and received a Bank fee in the amount of 53.5 million tenge.  for attracting a deposit.

 In 2019, Sarybaev, after being appointed Chairman of the Board of the Regional Investment Center Ontustik LLP, (the Akimat of the Turkestan region is 100% founder), placed 1 billion tenge according to a similar scheme.  to a deposit account in a second-tier bank, for which I also received a bribe of 1.5 million tenge on a systematic basis”.

Currently, Narmukhan Sarybaev has been placed in the detention center of the capital, the court sanctioned a preventive measure in respect of him in the form of detention for a period of 2 months.

 However, it is likely that he will not be alone for long – the investigation checks the involvement of other persons in the indicated facts.  In addition, anticorruption officials intend to dig even deeper, revealing the facts of receiving kickbacks for subsidizing agricultural entities.

 In a word, the investigation is ongoing, and the guilt of each person will be determined by the court, taking into account the totality of the evidence.

Myrzabek Smagulov

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Leave a Reply to Monish Cancel reply

  1. Monish

    its a bad if our officers do this type of corruption.

    Reply